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July 27th, 2015 by


Tax - An Easy Guide To Sort Out Tax Without Feeling Like A Fool dir=”ltr” style=”line-height:1.3800000000000001;margin-top:0pt;margin-bottom:0pt;”> Written by Melissa Nyman

To assist in claiming, grasping the overall context and  fulfilling the necessary actions, Compare Guru has created a comprehensive guide to assist with sorting out your tax.

Step One – Before Registering

Whether you should register with Sars is the first thing that needs to be determined. If your total annual salary is less than R350 000 for 2015 (this threshold amount changing fro year to year), then you’re not required to file tax return.

 

Step Two – Determine Your Category

There are a few categories which taxpayers are separated by, once an individual starts working.

  • Income is more than R350 000
  • Business
  • Director of Company or Member of City Council
  • Travel Allowance Receiver
  • PAYE (Pay As You Earn) Deducted From Salary

Step Three – Registering

In order to register as a taxpayer you will need

  • IT 77 form which you can download from sarsefiling.co.za.
  • Certified Proof Of Identity or Passport
  • Certified documents of bank details which includes statements, a letter from the bank confirming  your details.
  • An Electricity bill which to serve as proof of residence.

Once you’re registered, you will now be seen as taxpayer.

NB:

  • There is no fee for registration neither a waiting period.
  • There is no turn around waiting time set.

Step Four – After Registering

After registering you will be required to pay.

This also falls into different categories: SITE, PAYE and Provisional Tax.

Site: Is a different method of tax payment – this refers to individuals who are on a  lower income.

PAYE: Pay As You Earn is exactly what it stands for. Tax  deducted on a continuous basis, which could be weekly, daily or monthly while you work.

Provisional Tax:  This is for anyone who receives a travel allowance or any other income apart from a salary.

 

If you require a refund for being taxed more than you  should have, submission of the IRP6 form which can also be acquired online.